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Short Term Technical Analysis for Majors (07:00 GMT)

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Short Term Technical Analysis for Majors (07:00 GMT)

Postby WindsorBrokers » Fri Apr 08, 2011 7:51 am

EUR/USD

Maintains strong bull trend off 1.4020 higher platform, after pullback from 1.4350 previous high, as mentioned in yesterday’s update, found good support at 1.4250/40 zone. Fresh strength through 1.4350 is currently probing 1.44 level. Hourly studies are supportive but deeply in overbought zone. Possible correction would find initial support at 1.4350, with 1.4320, yesterday’s intraday highs / 20 day MA, expected to contain, to keep bulls in play. Above 1.44 to focus 1.4450/1.45 near-term.

Res: 1.4400, 1.4450, 1.4500, 1.4579
Sup: 1.4350, 1.4342, 1.4320, 1.4304

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GBP/USD

Breaks above the recent 1.6362/1.6260 consolidative band, to test 1.6400, 22 Mar previous peak. Near-term bulls are firmly in play, with clearance of 1.6400 to target 1.6456, Jan 2010 peak. However, hourly conditions are entering overbought zone, and corrective pullback may precede fresh rally. Immediate support lies at 1.6362, ahead of 20 day MA dynamic support at 1.6329, and day’s low at 1.6314. Where bulls should re-assert. Key near-term support lies at 1.6260 zone, and only break here would delay in favor of stronger pullback.

Res: 1.6406, 1.6456, 1.6500, 1.6520
Sup: 1.6362, 1.6314, 1.6300, 1.6260

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USD/JPY

Trades in narrow consolidative range below fresh high at 85.50. Downside remains protected by 84.60, with break above 85.50, required to clear 85.64, 50% Fibonacci retracement of 94.97/76.32 downleg, to resume recovery towards 85.91, Sep 2010 high.

Res: 85.40, 85.50, 85.64, 85.91
Sup: 84.81, 84.60, 84.15, 83.84

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USD/CHF

Remains on the back foot, after reversal from 0.9338, fresh recovery high, broke below 0.92 and fresh weakness lost 0.9125, key near-term support. Market has so far tested 0.9100 level, with further easing seen into 0.9027, possibly 0.8976, on a break. Upside for now remains capped at 0.92 area.

Res: 0.9160, 0.9200, 0.9242, 0.9264
Sup: 0.9100, 0.9065, 0.9027, 0.9000

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